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A8864 (ACTIVE) - Summary

S T A T E O F N E W Y O R K
________________________________________________________________________
8864
I N A S S E M B L Y
February 25, 2014
___________
Introduced by M. of A. SCHIMMINGER, PEOPLES-STOKES, KEARNS, CORWIN --
read once and referred to the Committee on Local Governments
AN ACT to amend the local finance law, in relation to the sale of munic-
ipal obligations by the county of Erie
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 54.50 of the local finance law, as amended by chap-
ter 89 of the laws of 2013, is amended to read as follows:
S 54.50 Costs of sales; county of Erie. To facilitate the marketing of
any issue of serial bonds or notes of the county of Erie issued on or
before June thirtieth, two thousand [fourteen] FIFTEEN such county may,
notwithstanding any limitations on private sales of bonds provided by
law, and subject to approval by the state comptroller of the terms and
conditions of such sale:
a. arrange for the underwriting of its bonds or notes at private sale
through negotiated agreement, compensation for such underwriting to be
provided by negotiated fee or by sale of such bonds or notes to an
underwriter at a price less than the sum of par value of, and the
accrued interest on, such obligations; or
b. arrange for the private sale of its bonds or notes through negoti-
ated agreement, compensation for such sales to be provided by negotiated
fee, if required. The cost of such underwriting or private placement
shall be deemed a preliminary cost for purposes of section 11.00 of this
chapter.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13668-01-4

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